| Total Potential Raise | $724 million |
| Base Offering | 20,300,000 shares (up to $629.3M at $31) |
| Underwriters’ Option | 3,045,000 shares (up to $94.4M at $31) |
| Total Shares Offered | 23,345,000 |
| Price Range | $28.00–$31.00 per share |
| Ticker Symbol | BLSH |
| Exchange | Applied to list on NYSE |
| Offering Type | Offer for Sale (OFS) |
| Lead Underwriters | J.P. Morgan, Jefferies, Citigroup |
Cayman Islands-based Bullish, a global digital asset platform backed by billionaire investor Peter Thiel, announced the launch of its initial public offering (IPO) roadshow on August 4, 2025, aiming to raise up to $724 million. The company has applied to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH”, marking a significant step in bridging the crypto and traditional financial markets.
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The IPO includes an offer of 20.3 million ordinary shares in a price range of $28 to $31 per share, potentially raising $629.3 million at the top end. Bullish has also granted underwriters a 30-day option to purchase up to an additional 3.045 million shares, which could add $94.4 million in proceeds, bringing the total potential raise to $723.7 million (rounded to $724 million).
This is an Offer for Sale (OFS), meaning the proceeds will go to existing shareholders rather than the company itself. However, Bullish noted that the funds may still support “general corporate purposes,” including potential acquisitions.
The company operates a regulated spot and derivatives exchange in Germany, Hong Kong, and Gibraltar, focusing on institutional-grade liquidity. Bullish also owns CoinDesk, a leading crypto media brand, and provides market indices and data services through its CoinDesk Indices and CoinDesk Data divisions.
The offering is being led by J.P. Morgan, Jefferies, and Citigroup, and taps into growing institutional interest in regulated crypto infrastructure – similar to recent listings by players like Circle.
Bullish has filed a Form F-1 with the U.S. Securities and Exchange Commission (SEC). The offering is subject to market conditions and regulatory approval.
If fully subscribed, Bullish could be valued at around $4.23 billion, positioning BLSH as a potential bellwether for crypto on Wall Street.
Bullish’s IPO reflects crypto’s ongoing push into mainstream financial markets. As the roadshow unfolds, final terms will be determined, making this one of the most closely watched IPOs in the digital asset space this year.
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